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Bank vs Broker

A large percentage of people head straight to their bank when applying for a car loan, but is this strategy the best option for you?

What are the differences between a bank and a broker?

When you deal with your bank, you only have one lender available to you. Your bank won’t tell you if theirs is the cheapest or most expensive rate in the market place. A broker has access to multiple lenders, giving you a range of options.

All lenders have different rates and lending criteria’s.

With car loans the interest rate is determined by the age of the car, your overall profile, if you’ve had previous credit or not – or if there are defaults on your credit file. Lots of things to consider!

A broker knows the lending criteria of various financiers. This enables them to submit your application to the right lender the first time to get the best rate that fits your profile.

Next time you’re looking at finance, keep your bank honest and get two quotes. It could save you thousands.

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We are Finance and Insurance professionals with over 30 years’s experience in the Industry. We love what we do and we think that gives you the edge. Our down to earth solutions to your finance needs mean that you get the best service and the right result. We have access to a huge panel of lenders and Insurers which means we will find you the very best option for your needs.READ MORE…